Apple has posted a fix for Exchange sync issues with iOS 4. There has been problems attempting to sync with Exchange ActiveSync Mail, Contacts, or Calendars after updating to iOS 4. It can cause a complete failure for some users, or an excessively slow sync for others.
The fix is available as a downloadable configuration profile that corrects the amount of time iOS 4 waits for the Exchange Server to respond to a sync request. The profile can be downloaded directly from the mobile version of Safari and directly loaded onto an iPhone or iPod touch.